Assume there is a restaurant in a suburb of the Twin Cities. They have been operating successfully for about 1D years. Below is their Dema ndf Supply Schedule for the restaurant on a typical Saturday Night: . . Etim . l l 50 $5 150 F5 $10 125 100 $15 100 125 $20 ?5 15B $25 50 1. Graph the Supply and Demand curves for the restaurant. 2. What are the equilibrium price and quantity? Explain 3. A new apartment complex with 20C! units was just completed within walking distance of the restaurant. The owners of the restaurant are condent the new residents will increase the demand for their meals. They estimate they will be able to serye 25 more meals at every price point. Add the new Demand Come to the graph. 4. What will be the new equilibrium price and quantity after the population increase? Explain 5. Will the change in the equilibrium price and quantity draw in more competition causing more restaurants to be built? Explain